Are you in need of
funds? There are many options for personal
finance in Perth. A personal loan
can help you make a necessary purchase or plan for emergencies.

Look:

You should consider personal loans as a type of financing
when you require funds. The question is, how should you decide if taking out a
personal loan is going to be an intelligent move in 2020?

You should think about
the big picture, and consider what pros and cons a loan will make to your
financial position.

My 4 reasons to
consider taking out a personal loan in 2020

If you are not sure if taking out personal loans is a good idea for your current situation, here are some things to consider…

Reasonable interest rates are often available for personal loans

One practical reason
to consider a personal loan when you require funds is that they usually offer a
reasonable rate of interest.

For any loan from a
financial institution, you will need to pay interest to access the money.
Clearly, if your interest rate is low, your overall repayments will be far
less.

Interest rates on a
personal loan will be considerably lower than say, a typical credit card rate.

The exact interest
rate that you pay will depend on your credit rating, ability to repay, and the
lender you choose to loan from. However, you should always look at personal
loan interest rates to see if they work out cheaper before you borrow money
from any other source.

Personal loans are often unsecured

Personal loans are often
available without any requirement for collateral. This is an asset which is
used to guarantee and secure a loan. You allow the lender to have a legal right
to that asset if you are unable to keep up loan repayments for any reason.

There are risks with
taking out a secured loan such as with car finance, mortgage, or home equity
loan. You open up the possibility that if everything goes wrong, you might lose
your property.

It is far less risky
to take out an unsecured personal loan that has no collateral. You are still
expected to repay the loan on time, and you will be legally responsible for it.
Nevertheless, you will not be risking your personal property.

If you wish to
minimise your risks when you borrow, a personal loan is a good option.

Personal loans are affordable and quick to process

In many cases, the application process is efficient for personal loans. Often, you can fill
your application out online, get instant approval, and receive your funds in a
matter of days.

Most lenders charge
no fees to originate the loan or application fees.

For many people, the
fact that the process is quick and easy for a personal loan, it is preferable
to other options. For example, a home equity loan would cost more to apply, and
the approval time would be longer.

In many cases, home
equity loans come with additional fees such as origination fees, appraisal
expenses, etc.

If you don’t have
extra time to deal with a drawn-out application process, and hundreds of
dollars to spend on fees, a personal loan is a great option.

The funds from your loan can be used for anything

Flexibility is another advantage ofpersonal loans. Car loans or mortgages are to be used for a specific purpose. However, a personal loan can be used for practically anything.

Final Thoughts

A personal loan could
be a good option for you, depending on your circumstances. Look at the interest
rates available, and consider how much of a burden making the repayments will
be.

Argent Finance has
been serving Perth and the surrounding areas for many years. We are available
to discuss your options for personal
loans in Perth at any time!

Are you considering looking for personal loans in the coming year? The recent trend for people taking out personal loans is up, and there are many compelling reasons why this is an excellent time to take out a loan.

Why are personal loans in
Australia popular?

There are various reasons why people are taking out personal loans in Australia. It can be for a planned expense or some unplanned financial emergency.

Statistics show that approximately 88% of
personal loans are for planned
purchases such as home upgrades, weddings, car financing, education expenses,
or holidays.

The remaining 12% of personal loans are for unplanned occurrences such as emergencies at
home, car repairs, or medical bills.

Personal
loans are useful for essential expenses and to assist
people to cover costs that they may not have enough savings to cover. They play
a crucial role in many Australian households.

Let’s look in more detail at why you
should consider a personal loan in
2020…

Why you Should Consider a Personal Loan in Perth

A personal
loan in Perth is an excellent way to pay for an essential purchase if you
don’t have the funds immediately available.

It is important to remember that any
application for finance is subject to approval and that there are various terms
and conditions attached. There are also charges and fees payable.

However, if you need to make a large
payment or purchase, a personal loan
is a great way to act quickly.

The following are common reasons why you
should consider personal loans in
2020…

● Consolidate your debt

It is easy to feel overwhelmed when your
debts add up from different sources. The various repayment dates and levels of
interest rate can be a challenge to keep up with. A personal loan can help to
pay them off and have a single repayment every month.

By consolidating your debts, you can
organise a clear repayment schedule which will make repayment more comfortable
to manage.

Whenever you consider taking out a loan
to consolidate your debt, you need to analyse the figures to ensure you will
actually be in a better financial position.

If you ever do have problems and get
behind with repayments, there is assistance available. You can try the
Department of Human Services for advice on what course of action to take.

● Upgrade your house

Making home improvements on a property
you own is always a financially astute thing to do. Even small changes can add
substantially to the value of your home.

● Go on holiday

Whether it is a scheduled summer holiday
or a break during a period of stress, we all must take a break sometimes.

A personal loan can be used to cover the
costs, which can be repaid on your return.

● Cover your wedding expenses

A wedding can be an expensive
proposition. Sometimes we don’t want to wait for years and save.

A personal loan can help you have your
dream wedding.

● Buy a new or used car

Due to the spread-out nature of our
country, having a decent car is necessary for several reasons. Public transport
is not practical in many cases, and for work or leisure activities we need to
be mobile.

A personal loan will enable you to buy a
quality new or used car at a competitive rate of interest.

Final Thoughts about Personal
Loans for 2020

Personal
loans are necessary from time to time. They can help
us take opportunities when we do not have the savings on hand to pay for them.

There are various loans available and
getting good advice about how and where to apply is essential.

Argent Finance has been serving the
people of Western Australia for many years. It can help you successfully apply
for the loan you need!